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Started By
Message
2
Posted on 8/27/18 at 4:32 pm to Volvagia
quote:
You don’t have to be a financial advisor to have a good 401k allocation.
Not at all, but you more than likely have a pretty limited world of investments in a 401k that don’t include etf’s, stocks, reits, etc
Posted on 8/27/18 at 4:34 pm to Thib-a-doe Tiger
I am also hoping to hit it big in the lotto one day....
I guess I need to start playing first.
I guess I need to start playing first.
Posted on 8/27/18 at 4:36 pm to Darth_Vader
If you consider 18-24 as of typical college age then that's over 40% of the sample range. And if you consider that the U.S. average enrollment for that same age group is 35.6% then that represents a significant demographic.
Posted on 8/27/18 at 4:37 pm to ulsaint
quote:
There are studies that show a chimp throwing darts at a board picks stocks better than "pros." Warren Buffet is putting all of his wife's inheritance into an S&P 500 index fund. Slow and steady. I don't like buy and hold as there are easier ways to reduce volatility but for 99% of people it's better than paying some schmuck to guess which stocks will do well.
I am retired, I manage my own investments, I have had many financial professionals contact me and try to get my business. I ask them to send me a certified financial statement showing their total assets and liabilities, have not had a single one do it. My reasoning is why should I take advice from someone that may have less money than I do, the exception being if they have lost a few million dollars, a lot could be learned from that person.
Posted on 8/27/18 at 4:37 pm to Thib-a-doe Tiger
I’m confused: is the problem with a 401k the freedom to fail or the lack of choices.
B/c the former is what the guy said merit.
Just put it in a target date fund if nothing else
B/c the former is what the guy said merit.
Just put it in a target date fund if nothing else
Posted on 8/27/18 at 4:39 pm to EA6B
quote:
ask them to send me a certified financial statement showing their total assets and liabilities, have not had a single one do it.
Probably because they enjoy not having their licenses stripped and being barred from the industry
Posted on 8/27/18 at 4:42 pm to Volvagia
quote:
I’m confused: is the problem with a 401k the freedom to fail or the lack of choices.
B/c the former is what the guy said merit.
Just put it in a target date fund if nothing else
Both IMO
The people who don’t know what they’re doing can frick up tremendously
The people who do are limited in their options
Posted on 8/27/18 at 4:50 pm to eScott
quote:
Once complications from the chemtrails kick in, medical bills are going to eat your savings alive.
No problem, I'm retiring to Antarctica.
Posted on 8/27/18 at 4:53 pm to Darth_Vader
That’s what social security is for.....right?
Posted on 8/27/18 at 4:57 pm to dewster
quote:
Few things would drive me to violence....but that's one of them
You and the Founding fathers! Don't forget this country exists because of excessive taxation. We're due for another revolution soon anyway, our excessive spending will probably be the catalyst in my opinion.
Posted on 8/27/18 at 5:29 pm to Thib-a-doe Tiger
quote:
Probably because they enjoy not having their licenses stripped and being barred from the industry
Seems like a stupid rule, if I needed to select a surgeon I would certainly find out how many of the procedure I needed they have performed. What better metric of the ability of a financial advisor than what they have done with their own money.
Posted on 8/27/18 at 5:30 pm to SlowFlowPro
quote:
stay with index funds and spend an hourly rate with a CPA for tax maximization. i don't think any financial adviser could beat that route (esp net return after fees)
Vanguard says an advisor is worth 1.5-3.0% annually. The majority of that value comes from behavioral coaching.
Posted on 8/27/18 at 5:33 pm to Darth_Vader
quote:
How is this even possible?
Not everyone offers retirement benefits, Darth. Prior to 2 years ago I had only worked for one company that had 401k matching and that was back in 07-09 which was a terrible time to enter the market. I lost everything I had put in.
I’ve doubled down over the past year and a half, and I’m lucky. It’s not that simple for everyone.
Posted on 8/27/18 at 5:36 pm to EA6B
quote:
My reasoning is why should I take advice from someone that may have less money than I do
, what? Your logic is flawed. Would you only use a heart surgeon who has done heart surgery on himself?
There is alot of value in putting your money where your mouth is, but the a net worth of an individual advisor is an asinine metric to use.
Posted on 8/27/18 at 5:39 pm to elprez00
I think this board is generally comprised of people who are college educated and make 50k+ (many probably well in excess of this figure). It is hard enough to save if you fall into that category (meaning avoiding general consumerism), let alone if you don't make much money. I honestly believe these stats cause many many people don't make much money at all.
This post was edited on 8/27/18 at 5:40 pm
Posted on 8/27/18 at 5:41 pm to EA6B
quote:
What better metric of the ability of a financial advisor than what they have done with their own money.
, you can give great advice and not necessarily follow it yourself.Posted on 8/27/18 at 6:35 pm to slackster
quote:
you can give great advice and not necessarily follow it yourself.
Not only that. If he’s retired he’s 30 years older than me. Of course he “should” have more money than I do
Posted on 8/27/18 at 7:00 pm to LanierSpots
Yep....because they spend it now but will realize their situation at some point and vote for whoever promises to give them a soft landing
Posted on 8/27/18 at 8:23 pm to Volvagia
quote:
Calling 401ks an inherently flawed system because people can choose poorly.
People can choose any investment poorly.
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